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Beverage alcohol company Constellation Brands has converted its shares in Canadian cannabis company Canopy Growth Corp. into new exchangeable shares.

Canadian cannabis producer Canopy Growth on Friday reported a shake-up to its board of directors, a lower third-quarter loss and a “singular focus” on marijuana.

Alcohol giant Constellation Brands said all its warrants have expired to purchase common shares of Canadian cannabis producer Canopy Growth Corp. and signaled it has “no other present plans” that relate to Canopy.

Fitch Ratings downgraded its assessment of Canadian cannabis producer Canopy Growth to CCC-, one of the agency’s lowest ratings.

Canopy Growth Corp. is accelerating its entry into the United States through a plan that will trigger full ownership of its American cannabis investments under the umbrella of a new U.S.-domiciled holding company, Canopy USA, in advance of any potential federal reform.

Canadian cannabis producer Canopy Growth reached a deal with noteholders to trade 255.4 million Canadian dollars ($198 million) of debt for shares and cash, thereby reducing a substantial portion of its convertible debt set to mature next year. 

Fitch Ratings downgraded Canadian cannabis producer Canopy Growth to CCC, the agency’s fifth-lowest rating, and warned of potential further negative actions.

The market for legal cannabis in the U.S. is expected to surge in the coming years, reaching more than $40 billion annually by 2025, according to the MJBizFactbook, creating huge opportunities to educate consumers on its benefits and create brands that eventually rival those found in the traditional  consumer packaged goods (CPG) space.

Bill Newlands, CEO of Canopy Growth benefactor Constellation Brands, resigned from the board of directors of the struggling Canadian cannabis producer last week, according to a regulatory filing dated Nov. 29.

Nancy Whiteman, co-founder and CEO of Colorado-based cannabis edibles company Wana Brands, was the talk of MJBizCon in Las Vegas in October.

Nancy Whiteman, co-founder and CEO of Colorado-based cannabis edibles company Wana Brands, was the talk of MJBizCon in Las Vegas in October.

People were buzzing about the deal Wana struck to give Canadian company Canopy Growth an option to acquire the company for $297.5 million on the condition that the U.S. legalizes cannabis at the federal level.